A Blueprint for Economic Opportunities
From May to June 2019, the LACDA hosted 11 community stakeholders meetings and two focus groups to solicit input from private and public entities to help formulate the core principles and proposed actions for a Comprehensive Economic Development Strategy (CEDS).
CEDS is a program of the United States Commerce Department’s Economic Development Administration (EDA). As part of the EDA’s disbursement of funds, it encourages communities to collaborate at a regional level to develop fully integrated strategies to support economic growth. CEDS is a pre-requisite for designation as an EDA Economic Development District. Once this happens, municipalities at all levels are provided priority consideration when applying for funds, not only for the programs administered by the EDA, but for many other federal sources of funding, such as transportation, labor, health, etc.
The CEDS process must include representation from public, private, and non-profit sectors and typically involves an exercise to define expectations, a series of stakeholder engagement activities, data analysis of the regional economy, and the creation and prioritization of action items and performance measures. The shelf-life of CEDS is five years, at which point it is necessary to assess progress and identify changes that need to be made.